Namdar Realty and Klosed Properties <br>acquire 128,410 s/f for $54 million

Brooklyn, NY Namdar Realty, in a joint venture with Klosed Properties, has acquired the full-block retail and parking condominium at Front & York, located at 85 Jay St. in DUMBO for $54 million.

The asset comprises 128,410 s/f of retail space beneath a 21-story, 727-unit luxury residential building. Completed in 2021, the property is one of the few modern, institutional-grade retail offerings in one of New York City’s most dynamic neighborhoods.

Currently 84% leased with a weighted average lease term exceeding 16 years, the retail condo features a strong lineup of national and local tenants, including CVS, Devoción, Petit Poussins, Lazy Sundaes, Nobody Told Me, iSmile Dental, Nightingale Cardiology, and Tous Les Jours. Leases are being finalized with additional tenants, which will bring occupancy to 89%.

Life Time Fitness anchors the project in a separately owned retail condo, spanning 77,759 s/f. The remaining retail space enjoys nearly 460 ft. of frontage along York St. and 260 ft. along Jay St., with direct access to the York St. F train station, which sees over 2.5 million riders annually.

The seller was CIM Group. The transaction was brokered by Daniel O’Brien of Newmark.

“This is the kind of deal you chase, a full-block, income-producing asset in the heart of DUMBO with real upside,” said Steven Kachanian, principal of Klosed Properties. “Our team moved quickly. We had this negotiated and signed in under three days. We’re excited to add this one to the portfolio.”

In the near term, the partnership plans to lease the remaining space. Over the long-term, the property will be held and actively managed to maximize value in a market that continues to evolve and strengthen.